Gross direct tax collection grows by 30% in 2022-23 to Rs 8.36 Lakh Crore

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The gross collection of direct taxes for FY 2022-23 is Rs 8,36,225crore.

New Delhi:

Gross direct tax collections increased by 30 percent to Rs 8.36 lakh crore to September 17 of the current fiscal year due to increased input tax, the Ministry of Finance said on Sunday.

“The gross collection of direct taxes (before adjustment for refunds) for FY 2022-23 is Rs 8,36,225 crore compared to Rs 6,42,287 crore in the corresponding period of the previous fiscal year i.e. 2021-22, a 30 percent growth over 2021-22 collections,” the ministry said in a statement.

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The cumulative withholding tax for April-September stands at Rs 2,95,308 crore on September 17, up 17 percent from the same period a year ago.

Gross collection of Rs 8.36 lakh crore includes corporate tax on Rs 4.36 lakh crore and personal income tax (PIT), including securities transaction tax on Rs 3.98 lakh crore.

After adjusting for refunds, net collections increased by 23 percent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding 2021-22 period.

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